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Bullish Focus

USDCAD TECHS
  • RES 4: 1.3009 High Dec 1 2020
  • RES 3: 1.2964 High Dec 20 and a key resistance
  • RES 2: 1.2924 High Dec 22
  • RES 1: 1.2878 High Feb 24
  • PRICE: 1.2679 @ 17:31 GMT Feb 28
  • SUP 1: 1.2660/36 Low Feb 28 / Low Feb 10 and key S/T support
  • SUP 2: 1.2560 Low Jan 26
  • SUP 3: 1.2451/48 Low Jan 19 / 76.4% of the Oct - Dec rally
  • SUP 4: 1.2387 Low Nov 10

USDCAD traded higher Thursday and cleared resistance at 1.2797, the Jan 28 high and a key short-term resistance. The clear breach of this level strengthened bullish conditions and has opened 1.2964, the Dec 20 high and the next key resistance. Clearance of this hurdle would significantly strengthen a bullish case. Key short-term support has been defined at 1.2636, Feb 10 low.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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